When choosing a financial institution, people may wonder whether to go with a traditional bank or a credit union. While both offer various services, there are significant differences in how they operate, their benefits, and the range of services available. Banks, particularly well-established ones, often provide superior overall experience compared to credit unions. Wintrust Community Banks offer a unique combination of personalized community banking and a larger commercial bank’s extensive resources and services.

Broader range of services

One of the most compelling reasons to choose a bank over a credit union is the variety of services offered. Traditional banks like Wintrust Community Banks — comprised of a diversified network of over 200 community-focused banking locations — can provide everything from basic checking and savings accounts to complex investment products, wealth management services, and large-scale loans for individuals or small businesses.

“While credit unions are often limited in the scope of their offerings, our community banks have the resources to cater to a broader range of financial needs. Whether you’re looking to secure a mortgage, open a high-yield savings account, or access retirement planning, we have the infrastructure and the products to serve customers in every stage of life,” states SVP and Head of Retail at Crystal Lake Bank & Trust Company David Ward. “For example, we offer personal and business banking options, including loans, credit cards¹, and investment tools designed to meet diverse financial goals.”

Convenient access and technology

A significant advantage that banks have over credit unions is the access and convenience they provide. With locations in Chicagoland, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida, Wintrust Community Banks ensure their customers can easily access their accounts through an expansive network of branches and ATMs — with select checking accounts offering free ATM usage nationwide.² For anyone who values in-person banking, the larger footprint of banks like Wintrust is a major plus, as it offers convenience whether you’re at home or traveling.

Additionally, banks often lead the way in digital banking technology. Due to their smaller size and nonprofit nature, credit unions typically do not invest as heavily in tech infrastructure. As a result, the online and mobile banking services banks offer are often more advanced and user-friendly.

Wintrust Community Banks, for instance, provide a top-tier mobile app³ that allows customers to manage their accounts, transfer funds, pay bills, and even deposit checks, all from their smartphones. These digital services are becoming increasingly important in today’s fast-paced world, where customers expect easy and immediate access to their financial information.

Stability and resources

While credit unions are member-owned and community-based, this can sometimes limit their available financial resources. As of 2024, data from the National Credit Union Administration (NCUA) shows that credit unions typically have lower capital reserves than banks, which can increase their vulnerability during economic downturns. In 2024, the average credit union held about 10.5% in net worth ratio, compared to the 12% or higher commonly maintained by banks. Banks operate on a for-profit model, allowing them to accumulate more significant capital reserves. This financial stability translates into better security for depositors and greater lending capacity.

Wintrust Community Banks, for example, are part of a financially secure network of community banks, making it both stable and responsive. Its resources allow it to offer competitive loan rates, especially for mortgages and business loans, where a bank’s financial backing often outpaces what credit unions can provide. Banks are better positioned to offer larger loans or higher credit limits.

Competitive interest rates and offers

Banks are often criticized for charging higher fees than credit unions, but this is not always true. By offering promotions, bonuses, and competitive interest rates on savings and checking accounts, banks can provide advantages that credit unions, with their more limited financial resources, may struggle to match.

Additionally, banks offer specialized products that cater to the specific needs of different customer segments with tailored financial products that suit the needs of individuals and businesses. From health savings accounts to wealth management services, the diversity of financial products at Wintrust Community Banks far exceed what is typically available at a credit union.

Business and commercial banking

For businesses, banks are almost always a better choice than credit unions. According to the Independent Community Bankers of America (ICBA), community banks are responsible for 60% of small business loans under $1 million, while credit unions only contribute about 6% to small business lending. Commercial banking requires access to an extensive lending pool, specialized services, and resources that smaller institutions like credit unions typically cannot offer. With its focus on business and community banking, Wintrust Community Banks excel in this area — providing everything from working capital loans to treasury management services and helping companies grow and manage their finances effectively.

Banks as a top choice for your financial needs

With an extensive network, Wintrust Community Banks combine the local, personalized touch often associated with credit unions while offering the full range of products and services expected from a large financial institution. Whether you’re looking for personal or commercial banking solutions, Wintrust Community Banks provide the security, convenience, and expertise that only a well-established bank can deliver.